Safeguarding Integrity: Uwerx Takes Swift Measures Against Flash Loan Attack

Since its inception, Uwerx has always made headlines, working within its transparency, sustainability, and accountability values. With its unique features and the developers’ agile methodology approach, Uwerx launched itself to the top spot in the crypto market.

Uwerx’s launch on August 1 was very successful. It fulfilled all its promises and delivered gains to investors and users with all the available bonuses and the surging WERX token.

Uwerx still has a lot in store for the crypto and freelancing industries. So, the Uwerx team immediately returned to work post-launch to complete the Uwerx platform and launch its other features.

However, the platform was exploited, causing the team to refocus. So far, Uwerx has shown its resilience and strong will in the face of this challenge. Rather than give up, it has decided to come back better and stronger, and as such, a new WERX is set to emerge.

Uwerx’s Post-Launch Moves

Uwerx’s launch exceeded expectations, and it was very successful. Immediately after the launch, updates were released on what to expect next.

Uwerx deployed liquidity on Uniswap. The developers have locked their tokens, which will last for 25 years. They are also set to forfeit smart contract ownership immediately after Uwerx launches on centralized exchanges. They will soon submit their applications to CoinMarketCap and CoinGecko.

The Uwerx Vault, seen as a great addition to the Uwerx platform, is almost complete. The team is waiting for the auditors to complete auditing the Vault’s smart contracts before it is available to the community.

Also, the Uwerx platform development is still in motion. The core functionality design has been completed. It focused on the Client, Agency, and Freelancer Dashboards, Project Management, and Additional Settings Pages.

The Minimum Viable Product (MVP) with functions will be released to the public by mid-September so they can test it out. After that, the team will begin working on the premium design based on the feedback received.

To further support the Uwerx platform, a buyback campaign will be launched. It will scale weekly, although the date and time will not be announced to avoid anyone gaming the system. However, this has been put on hold for now due to the hack.

Uwerx Platform Gets Exploited

Uwerx witnessed a hacking incident on August 2, with the hacker stealing about $327,000. The attacker flash-loaned 20,000 ETH, which he exchanged for 5,053,637 WERX. He then created an imbalance by sending 4,428,817 WERX to the pool. This imbalance occurred because the amount the attacker sent was ten times more than the initial amount in the pool.

Following this, he used Uniswap’s skim function with the 0x00…1 address and Uwerx’s transfer function, which always modifies the sender’s balance first. Since the receiver’s address was a UniswapPoolAddress variable, an additional 1% of the WERX tokens were burned. It was how the attacker exploited the Uwerx platform, stealing 176 ETH ($327,000).

Uwerx Takes Swift Measures Following the Attack As It Sets To Relaunch

As soon as the Uwerx team noticed the hack, they immediately alerted its auditors, SolidProof and InterFi Network. They also alerted SlowMist_Team and PeckShieldAlert directly on Twitter. Following that, they released a white-hat bounty stating the hacker should return 80% of the stolen ETH while keeping 20%.

Interestingly, Uwerx will be switching things up as it plans on relaunching soon enough. A new WERX token is set to emerge, and it will come with a different contract address. The contract address will be thoroughly audited twice by reputable auditors and once by an independent auditor. Once these audits are completed, the contract address can then be released.

The new WERX token will be deployed on the Polygon network, not Uniswap, where it was formerly deployed. It will reduce trading fees and enable token holders to use their WERX coins on the Uwerx platform without bridging.

The team has presented WERX deployment on the Polygon MainNet. Token holders are expected to add the new contract address to their preferred wallets on the Polygon network.

The team conducted an airdrop to test the new token as well. Also, those who purchased WERX during the presale are unaffected by the change.

The team will relaunch WERX with liquidity. Besides, the funds reserved for the buyback campaign will be directed to this. There is now a zero burn tax and a sliding sell tax to increase liquidity for WERX. The sell tax will begin at 30% and decrease to 0% at the end of the 10-week vesting period.

The Uwerx Vault release is almost here, and Uwerx plans to deploy it alongside the new WERX. Their smart contracts have been sent to the auditors for thorough audits. Also, the team is now working on the premium designs for the WERX platform.

The results of the concluded polls are being collated. Once everything checks out, Uwerx’s website and whitepaper will be updated. There will be modifications to the WERX allocations, and the new proposal is as follows:

● User Performance Incentives: 6% (45,000,000)

● Liquidity Reserve: 14% (105,500,000)

● Marketing: 9% (67,500,000)

● Presale: 57% (427,500,000)

● Team Tokens: 6% (45,000,000)

● Partnership Incentives: 2% (15,000,000)

● Joining Incentives: 6% ( 45,000,000)

Following the presale results, the team will burn 25,499,071 WERX tokens. To ensure everyone is adequately educated and prepared for the WERX relaunch, YouTube videos, and other educational materials will be released subsequently. As usual, the team welcomes user feedback, which can be emailed to [email protected].

Uwerx continues to safeguard its integrity and shine in this adversity. It is evident in the recovery moves it has made and its growing community. Uwerx now has 2098 Twitter followers and 2,094 Telegram members.

Uwerx remains the change coming to the freelancing and crypto industries, and it has resolved to make no mistake with the relaunch. It means something big is underway. So, why not be a part of this change by joining the Uwerx community? Click the links below to get started:

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